UBS Group Cuts Biogen (NASDAQ:BIIB) Price Target to $202.00

Biogen (NASDAQ:BIIB) had its target price decreased by UBS Group from $234.00 to $202.00 in a research report report published on Thursday morning, Benzinga reports. UBS Group currently has a neutral rating on the biotechnology company’s stock.

Several other research firms have also recently issued reports on BIIB. Barclays reduced their target price on Biogen from $200.00 to $190.00 and set an equal weight rating on the stock in a research note on Friday, August 2nd. StockNews.com upgraded shares of Biogen from a buy rating to a strong-buy rating in a report on Monday, September 2nd. Wells Fargo & Company cut their target price on shares of Biogen from $240.00 to $225.00 and set an equal weight rating on the stock in a research note on Friday, August 2nd. Royal Bank of Canada reissued an outperform rating and issued a $292.00 price target on shares of Biogen in a research note on Thursday, September 19th. Finally, Truist Financial reaffirmed a buy rating and set a $302.00 price objective (down from $340.00) on shares of Biogen in a research report on Monday, August 5th. Eight equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Biogen has an average rating of Moderate Buy and an average price target of $273.78.

Biogen Trading Up 0.5 %

NASDAQ:BIIB opened at $185.68 on Thursday. The firm has a market capitalization of $27.03 billion, a P/E ratio of 23.18, a P/E/G ratio of 1.97 and a beta of -0.06. Biogen has a 52 week low of $183.56 and a 52 week high of $269.43. The company has a quick ratio of 1.48, a current ratio of 2.29 and a debt-to-equity ratio of 0.40. The company has a fifty day moving average of $200.69 and a 200 day moving average of $212.83.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings data on Thursday, August 1st. The biotechnology company reported $5.28 EPS for the quarter, beating the consensus estimate of $4.00 by $1.28. The firm had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.39 billion. Biogen had a net margin of 11.98% and a return on equity of 15.71%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.02 earnings per share. On average, research analysts predict that Biogen will post 16.12 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Priya Singhal sold 431 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $204.22, for a total transaction of $88,018.82. Following the sale, the insider now owns 5,316 shares in the company, valued at $1,085,633.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Biogen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Leo Wealth LLC purchased a new position in shares of Biogen in the fourth quarter worth $2,265,000. Duality Advisers LP bought a new position in Biogen during the 1st quarter valued at about $1,290,000. Tocqueville Asset Management L.P. grew its stake in shares of Biogen by 924.4% in the first quarter. Tocqueville Asset Management L.P. now owns 46,200 shares of the biotechnology company’s stock worth $9,962,000 after acquiring an additional 41,690 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Biogen by 0.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 386,482 shares of the biotechnology company’s stock worth $83,337,000 after acquiring an additional 3,380 shares during the period. Finally, Cetera Investment Advisers raised its holdings in shares of Biogen by 235.1% during the first quarter. Cetera Investment Advisers now owns 14,860 shares of the biotechnology company’s stock valued at $3,204,000 after purchasing an additional 10,425 shares during the last quarter. 87.93% of the stock is owned by institutional investors.

Biogen Company Profile

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer's disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.